- 19th September 2012
- Posted by: clivebarrett
- Category: The Leader Board
IS it time you got on your bike? Well, thanks to Bradley Wiggins and his fabulous Tour De France and Olympic wins this summer, statistics suggest there could not be a better time.
A cycling boom has led to many workers purchasing bikes through the Government’s tax-rebated, cycle-to work scheme.
And with many of this year’s models being discounted next month as retailers stock 2013 versions in time for the year end festivities, now could be the time to invest.
Promoting healthier journeys to work was behind the scheme which was launched in 1999 and is tax exempt, allowing companies to lend bicycles and cycling equipment to staff as a tax-free benefit.
There are big savings to be made for employees, who are able to buy their bike through a tax-free loan from their employer as part of a salary-sacrifice deal. This means the cost of the bike is deducted from the employee’s wages, usually over a 12-month period.
While not owning the equipment, employees are free to use it as they wish, as long as the main purpose is riding to work, while many firms allow their staff the chance to own the cycle at the end of the period.
You need to find out whether your employer is enrolled in the scheme before you can select a bike from a participating retailer. Once your quote is submitted to your employer, you will soon get the go-ahead as well as details of your repayments – then once written confirmation is received, usually a voucher, you can contact the retailer and order away.
Demand for bikes has been high since Wiggins and co raised the bar this summer. So why not check it out? You could soon be riding a £1,000 bike while paying less than £700 for the privilege!